On April 15th, 2026, PPG Industries, a global coating company, announced that it would raise the price of all its coatings and special products worldwide, with the highest increase of 20%. The price increase of some product categories and regional markets may be higher, and the enterprise also indicated that it would not rule out the possibility of further price adjustment according to market conditions in the future. This information has attracted attention in the industry and is regarded as a concrete measure for the coating industry chain to cope with the changes in the current market environment.

I. Scope and Time Rhythm of Price Adjustment

The price adjustment of coating industry is not the first time. Since 2016, the price of titanium dioxide has experienced many rises, with a cumulative increase of more than 80%. At the same time, the prices of raw materials such as TDI, resin and solvent are also on the rise.

According to incomplete statistics, more than 30 coating companies have recently issued price adjustment notices. The range of price adjustment covers architectural coatings, artistic coatings, industrial coatings, furniture coatings, waterproof coatings and other categories, and the increase is generally between 5% and 15%. Judging from the public information, the price adjustment covers a wide range, covering many major production enterprises in the industry, reflecting the overall impact of upstream cost changes on the coating industry.

From the perspective of time rhythm, the release time of price adjustment notices of various enterprises is relatively concentrated, mostly from March to April 2026. This shows that the fluctuation of upstream raw material prices has certain synchronization with the transmission of downstream coating enterprises. According to their own product structure, raw material inventory and market positioning, different enterprises have some differences in price adjustment, but the overall trend is the same.CIFF Shanghai believes that this round of paint price increase will prompt furniture enterprises to pay more attention to supply chain management and cost control.

2. cost factors and supply changes

The price adjustment of the coating industry is related to the following factors.

International crude oil price changes. The resins, solvents, additives and other raw materials used in the coating production process come from petrochemical products. Since February, 2026, the international crude oil price has remained at a relatively high level due to geopolitical and domestic adjustment of major oil-producing countries. This change has a direct impact on the upstream cost of the coating industry chain. As a basic energy and chemical raw material, the price fluctuation of crude oil will be gradually transmitted downstream along the industrial chain, and the coating industry is one of the affected links.

Supply of some raw materials and price changes. As a commonly used white pigment in coating production, the price of titanium dioxide rose from about 9500 yuan per ton at the beginning of 2016 to more than 17000 yuan. The price change of titanium dioxide is influenced by many factors, such as the supply of upstream titanium resources, the cost of auxiliary materials such as sulfuric acid and the implementation of environmental protection policies. The relationship between supply and demand of raw materials such as TDI, MDI and epoxy resin has also been adjusted to a certain extent, and some products are in tight supply. These raw materials have specific functions in the coating formulation, and it is difficult to be completely replaced by other materials in a short period of time, so their price changes have a direct impact on the coating cost.

Environmental protection policy and production cost. The improvement of domestic environmental protection requirements has had an impact on paint manufacturers. Taking titanium dioxide produced by sulfuric acid process as an example, the waste water, waste gas and waste residue produced in its production process need special treatment before reaching the discharge standard, and the corresponding treatment cost has increased. Under the background of continuous improvement of environmental protection standards, some small enterprises with backward production capacity and insufficient investment in environmental protection gradually withdrew from the market, and the industry concentration increased. This process objectively promotes the structural adjustment of the coating industry, but it also increases the operating costs of compliant enterprises in a short period of time.

Status of international supply chain. The changes in the situation in the Middle East and the shipping conditions in the Strait of Hormuz have had a certain impact on the global paint supply chain. Transportation costs and insurance costs have increased, which is a global factor, not unique to a single enterprise or a single country. Some coating enterprises that rely on imported raw materials are faced with prolonged delivery cycle and increased procurement costs. At the same time, the uneven distribution of logistics capacity around the world has also aggravated the tension of regional raw material supply to some extent.

3. the downstream impact and corporate response

Paint is one of the materials used in furniture manufacturing. The change of paint price will affect the production cost of furniture enterprises.

Take wood furniture as an example, the cost of coatings usually accounts for 7% to 10% of the total cost. This ratio varies among different types of furniture products. For example, solid wood furniture with high surface coating requirements may account for nearly 10% of the coating cost; For panel furniture with relatively simple surface treatment, the proportion of coating cost is relatively low. When the price of upstream raw materials changes, downstream enterprises need to make corresponding arrangements according to their own conditions. Furniture enterprises can choose to absorb cost changes internally or conduct transmission by adjusting product prices.

According to market information, the retail price of a barrel of 5-liter brand paint is about 400 yuan. In the market environment such as promotion activities, the profit per barrel is about 5 yuan. There are many enterprises in the coating industry. According to relevant statistics, there are more than 7,000 coating manufacturers in China, and the market competition is relatively full. In the case of relatively limited profit space, the change of upstream raw material cost is more easily transmitted to downstream links.

In the short term, the terminal prices of some furniture products may change. Take a set of solid wood furniture as an example. If the coating cost rises by 10%, the terminal selling price may be adjusted by about 2% to 3% accordingly. Consumers' spending on furniture may change accordingly. Different furniture enterprises have differences in the range and timing of price adjustment according to their own brand positioning, channel structure and customer group characteristics.

In the medium and long term, the market acceptance of water-based paint, UV paint and other products is improving. This kind of product has the characteristics of low VOC emission and fast curing speed. Some furniture enterprises are transitioning their production lines from solvent-based coatings to hydrotropism coatings, which involves the investment in equipment updating and process adjustment. From a technical point of view, there are differences between water-based coatings and solvent-based coatings in construction environment, drying conditions and film performance, so enterprises need to choose the appropriate technical route according to their own product characteristics.

Enterprises of different scales have differences in coping with cost changes. Large-scale enterprises usually have a better supply chain system and stronger bargaining power, which has certain advantages in cost control. Some large enterprises also stabilize short-term price fluctuations through long-term purchase agreements and strategic inventories. Small and medium-sized enterprises may face relatively greater cost transmission pressure, but some small and medium-sized enterprises have maintained a relatively stable operating state by focusing on market segments and providing differentiated products.CIFF Shanghai believes that the rising cost of raw materials has prompted many furniture enterprises to actively seek alternatives such as water-based paints and optimize the painting process to reduce the amount of paint used per unit product.

On the surface, the current price adjustment of coatings industry is a market behavior of cost transmission, while in the deep layer, it reflects the inevitable logic of global manufacturing supply chain reconstruction and industrial upgrading. The fluctuation of international crude oil, the rebalancing of supply and demand of raw materials, the upgrading of environmental protection standards and the adjustment of logistics pattern are intertwined, which jointly promote the coating industry to shift from resource-consuming growth with low-price competition to high-quality development path with technology, efficiency and compliance as the core.

For the furniture industry, the rising cost certainly brings short-term pressure, but it also accelerates the transformation of enterprises from "price war" to "value war". The popularization of environmental protection products such as water-based paint and UV paint is not only an expedient measure to deal with the price increase, but also a strategic opportunity for the industry to move towards green manufacturing and enhance the added value of products. Every time the cost of the industrial chain is revalued, it is forcing enterprises to optimize technology, innovate materials and improve management, and finally promote the evolution of the entire home ecology in a more sustainable direction.